Tags: jack ma | america | spends | wars | wall street

Jack Ma: America Spends Too Much on Wars, Wall Street, Says Alibaba CEO

Image: Jack Ma: America Spends Too Much on Wars, Wall Street, Says Alibaba CEO

Alibaba Group Founder and Executive Chairman, China's Jack Ma attends the announcement of a long-term partnership of Alibaba as International Olympic Committee worldwide sponsors on the sideline of the Forum's annual meeting, on Jan. 19, 2017, in Davos. (Fabrice Coffrini/AFP/Getty Images)

By    |   Friday, 20 Jan 2017 02:07 PM

Jack Ma, founder of online marketplace Alibaba, says America paid too much attention to wars and Wall Street over the past 30 years, spending too much in those areas instead of more important ones.

“American international companies made millions and millions of dollars from globalization,” Ma said at the World Economic Forum on Wednesday in Davos, Switzerland, Business Insider reported. However, he said, America's focus was on technology and the money ended up going to Wall Street, leaving many jobs to people in Mexico, China, and other countries.

“The other countries steal jobs from you guys — that is your strategy,” Ma said in response to a question about globalization and Donald Trump’s presidential election victory. “You did not distribute the money in the proper way.”

While companies such as IBM and Microsoft made profits larger than the top four banks in China combined, Ma asked, “Where did the money go?”

Ford and Boing were well-known American companies in China 30 years ago, Ma said, IBT reported, but now people in China are interested in the tech companies of Silicon Valley and Wall Street.

During the same period, the U.S. spent some $14.2 trillion on 13 wars. Ma pointed out money that should've gone to the nation’s own people went to Wall Street instead and said the economic meltdown of 2008 destroyed $19.2 trillion in America’s income. “What if the money was spent on the Midwest of the United States?” he asked.

According to CNBC, Ma said it was not China stealing American jobs that caused the weakened economy in the U.S. He even called outsourcing a “wonderful” strategy.

Overall, globalization has its advantages, Ma said, but the money should be spread around more and not go to the wealthy few.

“As a business person, I want the world to share the prosperity together,” Ma remarked, CNBC reported.

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Jack Ma, founder of online marketplace Alibaba, says America paid too much attention to wars and Wall Street over the past 30 years, spending too much in those areas instead of more important ones.
jack ma, america, spends, wars, wall street
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2017-07-20
Friday, 20 Jan 2017 02:07 PM
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